June 18, 2024

BlockFi Wins Washington Money Transfer License

New York startup BlockFi received a money transfer license (MTL) in Washington, D.C.will allow the company to offer savings cryptocurrency accounts to state residents.

BlockFi startup providing loans underpledge of cryptocurrencies, said that the license obtained will allow the company to become the first company to have the right to offer cryptocurrency accounts to Washington residents that generate interest income.

In addition, state residents will have access toBlockFi trading platform, which was launched last week. Until now, a startup could only offer loan products secured by cryptocurrencies, as it only had a license for consumer lending.

BlockFi CEO and founder ZackPrince (Zac Prince) said that the company plans to further expand its activities and continue to focus on conducting operations in compliance with regulatory requirements. He noted:

“Regulatory compliance is oursthe hallmark we are proud of. This provides the trust that is necessary for prosperity and building a real financial cryptocurrency ecosystem. It also allows us to continue to create new products and serve customers where others cannot, for example, in Washington. ”

Recall that in May BlockFi announced the launch of cryptocurrency deposits in the stablecoin Gemini Dollar (GUSD), and in April it became known that deposits of users of a credit startup reached $ 53 million.